EX-3.1 2 a18-18463_1ex3d1.htm EX-3.1

Exhibit 3.1

 

AMENDED AND RESTATED

 

BYLAWS

 

OF

 

PROTECTIVE LIFE CORPORATION

(a Delaware corporation)

 

Adopted August 6, 2018

 

 

 

ARTICLE 1

 

OFFICES

 

1.1                            REGISTERED OFFICE

 

The corporation shall maintain a registered office and registered agent in the state of Delaware. The registered office and/or registered agent of the corporation may be changed from time to time by action of the board of directors.

 

1.2                            OTHER OFFICES

 

The corporation may also have offices at such other places either within or outside the state of Delaware as the board of directors may from time to time determine or the business of the corporation may require.

 

 

 

ARTICLE 2

 

MEETINGS OF STOCKHOLDERS

 

 

 

2.1                            ANNUAL MEETING; ELECTION OF DIRECTORS

 

(a)       An annual meeting of the stockholders shall be held for the election of directors on a date and at a time and place designated by the board of directors. Any other proper business may also be transacted at the annual meeting.

 

(b)      The stockholders may elect the board of directors by written consent in lieu of the annual meeting. If the consent is less than unanimous, it will constitute a consent in lieu of the annual meeting only if all of the directorships to which directors could be elected at an annual meeting held at the effective time of the consent were (i) vacant at the effective time and (ii) filled by action of the consent.

 

(c)       If the annual meeting is not held on the date designated for it or if the board of directors has not been elected by written consent in lieu of an annual meeting, the standing directors shall cause the meeting to be held as soon as is convenient.

 


 

2.2                            SPECIAL MEETINGS

 

Except as otherwise required by law, special meetings of the stockholders for any purpose may be called and the location of the meeting designated by the board of directors, the chairman of the board, or the chief executive officer. Holders of shares entitled to cast not less than one-third of the votes entitled to be cast at the meeting may also call a special meeting by written request. The written request must state the purposes of the meeting and must be delivered to the chairman of the board or the chief executive officer. The chairman of the board or the chief executive officer, as the case may be, shall fix a date, time and place for the meeting as promptly as practicable following receipt of the written request.

 

2.3                            REMOTE COMMUNICATION

 

The board of directors may, in its sole discretion, determine that a stockholders meeting shall not be held at any place, but may instead be held solely by means of remote communication. Further, the board of directors may, in its sole discretion, authorize stockholders and proxyholders not physically present at a meeting of stockholders to, by means of remote communication and subject to such guidelines and procedures as the board of directors may adopt: (a) participate in a meeting of stockholders and (b) be deemed present in person and vote at a meeting of stockholders, whether such meeting is to be held at a designated place or solely by means of remote communication. If the board of directors authorizes a meeting solely by remote communication or authorizes presence, participation and voting at a meeting by means of remote communication, the corporation must (i) implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a stockholder or proxyholder, (ii) implement reasonable measures to provide such stockholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with such proceedings, and (iii) maintain a record of any vote or other action taken at the meeting by means of remote communication by any stockholder or proxyholder.

 

2.4                            NOTICE OF MEETINGS

 

Except as provided in Section 230 of the General Corporation Law of the State of Delaware (the “Delaware GCL”), written or printed notice of each annual or special meeting of the stockholders shall be given to each stockholder entitled to vote at the meeting. The notice (a) shall state the place, if any, date, time, means of remote communication, if any, by which stockholders and proxyholders may be deemed to be present in person and vote at such meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called, (b) shall be given not less than 10 days nor more than 60 days before the date of the meeting, and (c) shall be given in a manner provided by and subject to Article 9 of these bylaws.

 

2.5                            STOCKHOLDERS LIST

 

At least ten days before every meeting of stockholders, the officer having charge of the stock ledger shall prepare a complete list of the stockholders entitled to vote at the meeting. The list must be arranged in alphabetical order and show the address of each such stockholder and the number of shares registered in the name of the stockholder. Electronic mail addresses or other electronic contact information need not be included on the list. The list shall be open to the examination of any stockholder for any purpose germane to the meeting for a period of at least ten days prior to the meeting: (a) on a reasonably accessible electronic network, provided that the information required to gain access to the list is provided with the notice of the meeting or (b) during ordinary business hours, at the principal place of business of the corporation. In the event the corporation determines to make the list available on an electronic network, the corporation may take reasonable steps to ensure that such information is available

 

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only to stockholders of the corporation. If the meeting is to be held at a place, then the list shall be produced and kept at the place of the meeting during the whole time of the meeting, and may be inspected by any stockholder present. If the meeting is to be held solely by means of remote communication, then the list shall also be open to the examination of any stockholder during the whole time of the meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided with the notice of the meeting.

 

2.6                            QUORUM

 

The holders of a majority of the outstanding shares of capital stock entitled to vote, present in person or represented by proxy, shall be requisite for, and shall constitute, a quorum at all meetings of the stockholders of the corporation for the transaction of business, except as otherwise required by law. If a quorum is not present or represented at any meeting of the stockholders, the stockholders entitled to vote at the meeting present in person or represented by proxy shall have power to adjourn the meeting from time to time until a quorum is present or represented.

 

2.7                            ADJOURNED MEETINGS

 

When a meeting is adjourned to another time and place, notice need not be given of the adjourned meeting if its time and place, if any, and the means of remote communication, if any, by which stockholders and proxyholders may be deemed to be present in person and vote at the adjourned meeting, are announced at the meeting at which the adjournment is taken. At the adjourned meeting the corporation may transact any business that might have been transacted at the original meeting. If the adjournment is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

 

2.8                            VOTE REQUIRED

 

Except as otherwise required by law or these bylaws, when a quorum is present at a meeting, the affirmative vote of a majority of shares present in person or represented by proxy and entitled to vote on the subject matter shall be the act of the stockholders.

 

2.9                            PROXIES

 

Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy. No proxy may be voted or acted upon after three years from its date, unless the proxy provides for a longer period. At each meeting of the stockholders, and before any voting commences, all proxies filed at or before the meeting shall be submitted to and examined by the secretary or a person designated by the secretary. No shares may be represented or voted under a proxy that has been found to be invalid or irregular.

 

Without limiting the manner in which a stockholder may authorize a proxy, the following shall constitute valid means of doing so:

 

(a)       A stockholder may execute a writing authorizing another person to act for the stockholder as proxy. Either the stockholder or the stockholder’s authorized officer, director, employee or agent may sign the writing. Alternatively, such person may cause his or her signature to be affixed to the writing by any reasonable means, including facsimile signature.

 

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(b)      A stockholder may authorize another person to act for the stockholder as proxy by transmitting or authorizing the transmission of a telegram, cablegram, facsimile, electronic mail or other means of electronic transmission to the person who will be the holder of the proxy or to a proxy solicitation firm, proxy support service organization or like agent duly authorized by the person who will be the holder of the proxy to receive such transmission. Any such transmission must either set forth or be submitted with information from which it can be determined that the stockholder authorized the transmission. If it is determined that the transmission is valid, the inspectors or, if there are no inspectors, such other persons making that determination shall specify the information upon which they relied.

 

Any copy, facsimile telecommunication or other reliable reproduction of such writing or transmission may be substituted or used in lieu of the original writing or transmission for all purposes for which the original writing or transmission could be used, provided that the reproduction is a complete reproduction of the entire original writing or transmission.

 

2.10                    VOTING OF CERTAIN SHARES

 

With respect to shares entitled to vote:

 

(a)       Shares standing in the name of another corporation or other entity, domestic or foreign, may be voted by such officer, agent, or proxy as the (i) bylaws or other governing document of such corporation or entity may prescribe or, (ii) in the absence of such provision, as the board of directors or other governing body of such corporation or entity may determine.

 

(b)      Shares held in a fiduciary capacity may be voted by the fiduciary.

 

(c)       Shares standing in the name of a trustee, receiver or pledgee may be voted by such trustee, receiver or pledgee either in person or by proxy as provided by statute.

 

If the shares stand of record in the names of two or more persons, whether fiduciaries, members of a partnership, joint tenants, tenants in common, tenants by the entirety or otherwise, or if two or more persons have the same fiduciary relationship respecting the same shares, unless the secretary of the corporation is given written notice to the contrary and is furnished with a copy of the instrument or order appointing such persons or creating the relationship, their acts with respect to voting shall have the following effect:

 

if only one votes, the voter’s act binds all;

 

(d)      if more than one vote, the act of the majority so voting binds all;

 

(e)       if more than one vote, but the vote is evenly split on any particular matter, each faction may vote the securities in question proportionately unless otherwise ordered by a court having jurisdiction.

 

If the instrument so filed shows that any such tenancy is held in unequal interests, a majority or even split shall be a majority or even split in interest.

 

2.11                    ACTION BY WRITTEN CONSENT OR ELECTRONIC TRANSMISSION

 

(a)       Any action required or permitted to be taken at an annual or special meeting of stockholders may be taken by written consent without a meeting, without prior notice and without a vote, as follows:

 

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(i)                                  The holders of outstanding capital stock of the corporation having not less than the minimum number of votes that would be necessary to take such action at a meeting at which all shares entitled to vote thereon were present and voted must sign and date the written consent setting forth the action so taken. Consents may be executed in counterparts.

 

(ii)                              The consent(s) must be delivered to the corporation’s registered office in Delaware, to its principal place of business, or to an officer or agent of the corporation having custody of the book(s) in which proceedings of meetings of the stockholders are recorded. Delivery made to the registered office must be by hand or by certified or registered mail, return receipt requested, and will be deemed delivered upon actual receipt by the registered office.

 

(b)      All consents properly delivered in accordance with this section shall be deemed to be recorded when so delivered. No written consent shall be effective to take the corporate action referred to therein unless, within 60 days of the earliest dated consent delivered to the corporation as required by this section, written consents signed by the holders of a sufficient number of shares to take such corporate action are so recorded.

 

(c)       In addition to the procedures set forth in Section 2.11(a), a stockholder or proxyholder may consent to action by means of a telegram, cablegram, facsimile, electronic mail or other electronic transmission sent to the corporation’s registered office in Delaware, to its principal place of business, or to an officer or agent of the corporation having custody of the book(s) in which proceedings of meetings of the stockholders are recorded. The stockholder, the proxyholder or a person or persons authorized to act for the stockholder or proxyholder must transmit the consent. The consent shall be deemed to be written, signed and dated if the transmission sets forth or is delivered with information from which the corporation can determine (i) that the transmission was transmitted by the stockholder, proxyholder or authorized person(s), and (ii) the date on which it was transmitted. The date on which the transmission is transmitted shall be deemed to be the date on which the consent was signed. All consents properly delivered in accordance with this section shall be deemed to be recorded when so delivered.

 

(d)      Any copy, facsimile or other reliable reproduction of a consent in writing may be substituted or used in lieu of the original writing for all purposes for which the original writing could be used, provided that the reproduction is of the entire original writing.

 

(e)       Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing and who, if action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that written consents signed by a sufficient number of holders to take the action were delivered to the corporation as provided above.

 

2.12                    TREASURY STOCK

 

Shares of its own stock belonging to the corporation or to another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation is held, directly or indirectly, by such corporation, shall not be entitled to vote nor counted for quorum purposes. Notwithstanding the foregoing, the corporation may vote shares of its own stock that it holds in a fiduciary capacity.

 

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ARTICLE 3

 

DIRECTORS

 

 

 

3.1                            NUMBER, COMPOSITION, ELECTION AND TERM OF OFFICE

 

(a)                               The board of directors shall consist of not less than one nor more than eleven members, which number shall be fixed from time to time by action of the board of directors or the stockholders. Except as provided in Sections 3.3 and 3.4, the directors shall be elected at the annual meeting of stockholders. Elections of directors need not be by written ballot unless the board of directors votes to require a written ballot. If the election is to be by written ballot, then, if the board of directors authorizes it, a ballot submitted by electronic transmission may satisfy the requirement of a written ballot. Any such electronic transmission must either set forth or be submitted with information from which the corporation can determine that it was authorized by the stockholder or proxyholder. Directors shall be elected by a majority of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote in the election of directors. Each director shall hold office until such director’s successor is duly elected and qualified or until such director’s earlier death, resignation or removal as hereinafter provided.

 

(b)                              The board of directors shall consist of eleven directors, as follows:

 

(i)                                  a sufficient number of directors to satisfy or exceed the independence requirements for directors under laws and regulations applicable to the corporation and its subsidiaries (each an “independent director” and, collectively, the “independent directors”);

 

(ii)                              other directors who are designated by a vote of the stockholders as representative directors (each a “representative director” and, collectively, the “representative directors”);

 

(iii)                          directors, if any, as the stockholders may elect who are officers of the corporation; and

 

(iv)                          such other directors to fill the remaining director positions, if any, as the stockholders may elect.

 

(c)                               In the event that no new directors are nominated and elected at the annual meeting of stockholders, the directors then serving shall continue to serve until their successor is appointed or elected.

 

3.2                            MANAGEMENT OF AFFAIRS OF CORPORATION

 

The property and business of the corporation shall be managed by or under the direction of its board of directors. The board of directors may exercise all such powers of the corporation and do all such lawful acts and things as are not reserved exclusively to the stockholders by law, the certificate of incorporation or these bylaws.

 

3.3                            RESIGNATIONS AND VACANCIES

 

Any director may resign at any time by giving notice to the board of directors, the chairman of the board or the chief executive officer in writing or by electronic transmission. Any such resignation shall take effect on the date of the receipt of the notice or at any later time specified in the notice.

 

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Acceptance of the resignation shall not be necessary to make it effective. Subject to Sections 3.1 and 3.8, if, at any time other than the annual meeting of the stockholders, any vacancy occurs in the board of directors, a majority of the directors then in office (even if less than a quorum) may choose a successor or fill the newly created directorship. Unless removed sooner, the director so chosen shall hold office until the next annual election of directors by the stockholders and until such director’s successor is duly elected and qualified.

 

3.4                            REMOVAL AND VACANCIES

 

Any director or the entire board of directors may be removed at any time, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors. The successor to any director so removed may be elected at the meeting at which the removal was effectuated. Subject to Sections 3.1 and 3.8, the remaining directors may fill any vacancies created by the removal that are not filled by a successor director elected at the meeting at which the removal was effected.

 

3.5                            ANNUAL AND REGULAR MEETINGS

 

The annual meeting of the board of directors shall be held, without other notice than this bylaw, immediately after, and at the same place as, the annual meeting of the stockholders. Regular meetings of the board of directors, other than the annual meeting, may be held at such time and at such place as the board may from time to time fix by resolution and no notice (other than the resolution) need be given as to any regular meeting.

 

3.6                            SPECIAL MEETINGS

 

Special meetings of the board of directors may be called by the chairman of the board or the chief executive officer and shall be called by the secretary at the request of any director, to be held at such time and place, either within or outside Delaware, as shall be designated by the call and specified in the notice of such meeting.

 

3.7                            NOTICE OF MEETINGS

 

Notice of special meetings of the board of directors shall be provided to each director pursuant to Article 9 of these bylaws. If such notice is mailed, it shall be deposited in the United States mail, postage prepaid, at least three days before such meeting. If such notice is given by overnight courier, it shall be given to the overnight courier service for delivery at least two days before such meeting. If such notice is given personally or by electronic transmission, it shall be delivered or transmitted at least 24 hours before the time of the meeting. Except as otherwise provided by law or these bylaws, meetings may be held at any time without notice if all of the directors are present or if, at any time before or after the meeting, those not present waive notice of the meeting in writing.

 

3.8                            QUORUM REQUIRED, VOTE AND ADJOURNMENT

 

(a)                               Except as otherwise provided by law or these bylaws: (i) at each meeting of the board of directors, the presence of not less than a majority of the whole board, including at least one representative director and at least one independent director, shall be necessary and sufficient to constitute a quorum for the transaction of business; and (ii) the act of a majority of the directors present at any meeting at which there is a quorum shall be the act of the board of directors. Notwithstanding anything to the contrary herein, upon the motion of a representative director to defer voting on any matter brought before the board, the voting upon such matter shall be delayed until the next special or regular meeting of the board of directors, duly noticed, called and held, which meeting shall be not less than ten nor more than sixty

 

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days after the original date of deferral, and provided further that the voting upon any particular motion may not be deferred more than once (though the motion may be withdrawn). If a quorum is not present at any meeting of directors, the directors present may adjourn the meeting, without notice other than announcement at the meeting, until a quorum is present.

 

(b)                              The board of directors (including any committee thereof) shall not, either directly or indirectly, take any of the following actions without the written consent or affirmative vote of at least one representative director:

 

(i)                                  amend, alter or repeal any provision of these bylaws or the certificate of incorporation of the corporation;

 

(ii)                              establish or authorize any committee of the board of directors of the corporation, or amend, alter or repeal any provision of the charter of any such committee;

 

(iii)                          issue, sell or grant any shares of capital stock of the corporation, or any security or obligation convertible into or exercisable or exchangeable for, or giving any person any right to subscribe for or acquire, any shares of capital stock of the corporation;

 

(iv)                          declare, set aside, make or pay any dividend or other distribution (whether in cash, stock or property) with respect to the outstanding shares of capital stock of the corporation;

 

(v)                              merge or consolidate with any person or entity or acquire, directly or indirectly, all or substantially all of the assets or securities of any other person or entity;

 

(vi)                          establish or alter the compensation of directors or executive officers of the corporation; or

 

(vii)                      approve the corporation’s annual business plan including annual risk appetite framework and three year strategic plan of the corporation.

 

3.9                            COMMUNICATIONS EQUIPMENT

 

Unless otherwise restricted by the certificate of incorporation, any member of the board of directors or of any committee designated by the board may participate in a meeting of the directors or committee by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting by means of such equipment shall constitute presence in person at such meeting.

 

3.10                    PRESUMPTION OF ASSENT

 

Unless applicable law provides otherwise, a director of the corporation who is present at a meeting of the board of directors at which action is taken on any corporate matter shall be presumed to have assented to the action taken unless: (a) the director’s dissent or abstention is entered in the minutes of the meeting; or (b) the director files a written dissent or abstention to the action with the person acting as secretary of the meeting before the adjournment thereof or forwards the dissent or abstention by registered mail to the secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent or abstain shall not apply to a director who voted in favor of any action.

 

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3.11                    ACTION BY WRITTEN CONSENT

 

Unless otherwise restricted by the certificate of incorporation or these bylaws, any action required or permitted to be taken at any meeting of the board of directors, or of any committee thereof, may be taken without a meeting, if all members of the board or of such committee, as the case may be, consent to the action in writing or by electronic transmission, and the writing or electronic transmission is filed with the minutes of proceedings of the board or committee. The filing shall be in paper form if the minutes are maintained in paper form and in electronic form if the minutes are maintained in electronic form.

 

3.12                    COMMITTEES

 

The board of directors may designate committees thereof, including without limitation a compensation committee, a nominating committee and an audit committee, consisting of one or more directors, as are necessary and appropriate to best fulfill its duties, provided that each committee shall have a sufficient number of independent directors to satisfy independence requirements under laws and regulations applicable to the corporation and its subsidiaries. Each member of a committee shall serve for such term and the committee shall have and may exercise such duties, functions and powers as these bylaws and the board of directors may provide, except as otherwise restricted by law. Any director may attend any meeting of any committee.  The Secretary shall provide each director at least ten days’ notice of committee meetings together with a copy of the agenda.  In addition, materials provided (or to be provided) to committee members shall also be provided to all directors. The receipt by a non-committee member of meeting notices and materials shall not impose upon such non-committee member an obligation to attend such meetings or review such materials.

 

3.13                    ALTERNATES

 

The board of directors may designate one or more directors as alternate members of any committee to replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the members present at any meeting and not disqualified from voting, whether or not such members constitute a quorum, may unanimously appoint another member of the board of directors to act at the meeting in place of the absent or disqualified member.

 

3.14                    QUORUM AND MANNER OF ACTING - COMMITTEES

 

The presence of a majority of members of any committee shall constitute a quorum for the transaction of business at any meeting of such committee, and the act of a majority of those present shall be necessary for the taking of any action at the meeting. For committees that include one or more representative directors as members, the presence of at least one representative director shall be necessary to constitute a quorum.

 

3.15                    COMMITTEE CHAIRMAN, BOOKS AND RECORDS, ETC.

 

The chairman of each committee shall be selected by the board of directors from among the members of the committee. Each committee shall fix its own rules of procedure not inconsistent with these bylaws or the respective charters of the committees as in effect as of the date of the adoption of these bylaws, as the same may be amended from time to time in accordance with Section 3.8(b). Each committee shall meet at such times and places and upon such call or notice as shall be provided by such rules. Each committee shall keep a record of its actions and proceedings and shall report on them to the board of directors at the board’s next meeting.

 

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3.16                    FEES AND COMPENSATION OF DIRECTORS

 

Directors shall not receive any stated salary or compensation for their services as such, but by resolution of the board of directors in accordance with Section 3.8 of these bylaws, a fixed fee, with or without expenses of attendance, may be allowed for attendance at each regular or special meeting of the board. Members of the board shall be allowed their reasonable traveling expenses when actually engaged in the business of the corporation. Members of any committee may be allowed like fees and expenses for attending committee meetings. Nothing in these bylaws shall be construed to preclude any director from serving the corporation in any other capacity and receiving compensation therefor.

 

3.17                    RELIANCE UPON RECORDS

 

Every director of the corporation, or member of any committee designated by the board of directors, shall, in the performance of such director’s duties, be fully protected in relying in good faith upon the records of the corporation and upon such information, opinions, reports or statements presented to the corporation by any of the corporation’s officers or employees, or committees of the board of directors, or by any other person as to matters the director reasonably believes are within such other person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the corporation.

 

3.18                    DIVIDENDS AND RESERVES

 

Except as otherwise provided by law, the certificate of incorporation or these bylaws (including Section 3.8(b)), the board of directors may declare dividends upon stock of the corporation at any regular or special meeting. Dividends may be paid in cash, in property, in shares of stock or otherwise in the form, and to the extent, permitted by law. The board of directors may set apart, out of any funds of the corporation available for dividends, a reserve or reserves for working capital or for any other lawful purpose, and also may abolish any such reserve in the manner in which it was created.

 

 

 

ARTICLE 4

 

OFFICERS

 

 

 

4.1                            OFFICES AND OFFICIAL POSITIONS

 

The officers of the corporation shall consist of a chief executive officer and/or president (which offices may but need not be held by the same individual) and a secretary, and may consist of a chairman of the board, a chief financial officer, a treasurer, one or more vice presidents, and such assistant secretaries, assistant treasurers, and other officers as the board of directors shall determine. The same person may hold any two or more offices. The board of directors may choose not to fill any office for any period as it may deem advisable. None of the officers need be a director, a stockholder of the corporation or a resident of Delaware. The board of directors may from time to time establish, and abolish, official positions within the divisions into which the business and operations of the corporation are divided, pursuant to Article 5 of these bylaws, and assign titles and duties to such positions. Those appointed to official positions within divisions may, but need not, be officers of the corporation. The board of directors shall appoint persons to official positions within a division and may with or without cause remove from such a position any person appointed to it. In any event, the authority incident to an official position

 

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within a division shall be limited to acts and transactions within the scope of the business and operations of such division.

 

4.2                            ELECTION AND TERM OF OFFICE

 

The board of directors shall elect the officers of the corporation at its annual meeting or any special meeting, in each case subject to Section 3.8 with respect to executive officers. If the election of officers is not held at such meeting, the election shall be held at a regular or special meeting of the board of directors as soon thereafter as may be convenient. Each officer shall hold office until such officer’s successor is elected and qualified or until such officer’s death, resignation or removal.

 

4.3                            REMOVAL

 

Subject to Section 3.8 with respect to executive officers, the board of directors may remove an officer at any time, either with or without cause; but such removal shall be without prejudice to the contract rights, if any, of the officer.

 

4.4                            VACANCIES

 

The board of directors may fill a vacancy in any office for the unexpired portion of the term.

 

4.5                            CHAIRMAN OF THE BOARD

 

The chairman of the board, if a chairman of the board has been elected and is serving, shall preside at all meetings of the stockholders and the board of directors. The chairman of the board shall perform such other duties and have such other powers as the board of directors may from time to time assign to him or her. The chairman may sign with the secretary or an assistant secretary, or the treasurer or an assistant treasurer, certificates for shares of stock of the corporation the board of directors has authorized for issuance.

 

4.6                            CHIEF EXECUTIVE OFFICER;  PRESIDENT

 

The chief executive officer shall be the principal executive officer of the corporation and, in the absence of the chairman of the board, shall preside at all meetings of the stockholders, the board of directors or any committee of the board of which the chief executive officer is a member. The chief executive officer shall have the overall supervision of the business of the corporation and shall direct the affairs and policies of the corporation, subject to such policies and directions as the board of directors may provide. The chief executive officer shall have authority to designate the duties and powers of other officers and delegate special powers and duties to specified officers, so long as such designation is not inconsistent with applicable law, these bylaws or action of the board of directors. The chief executive officer shall also have power to execute, and shall execute, deeds, mortgages, bonds, contracts and other instruments of the corporation except where required or permitted by law to be otherwise executed and except where the board of directors or chief executive officer expressly delegates the execution to some other officer or agent of the corporation. The chief executive officer may sign with the secretary or an assistant secretary, or the treasurer or an assistant treasurer, certificates for shares of stock of the corporation the board of directors has authorized for issuance. The chief executive officer shall vote, or give a proxy, power of attorney or other delegation of authority to any other person to vote, all equity interests of any other entity standing in the name of the corporation. The chief executive officer in general shall have all other powers and shall perform all other duties incident to the chief executive office of a corporation or as the board of directors may from time to time assign to the chief executive officer.  In the absence of the chief executive officer, at the chief executive officer’s request or in the event of the chief

 

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executive officer’s inability or refusal to act, the president shall perform all duties of the chief executive officer, including the duties of the chairman of the board if and as assumed by the chief executive officer unless and until the board elects a chairman of the board, and, when so acting, shall have all the powers of, and be subject to all the restrictions upon, the chief executive officer.  In the presence of the chief executive officer, the president shall have such duties and powers as are assigned by the chief executive officer, subject to such policies and directions as the board of directors may provide.

 

4.7                            VICE PRESIDENTS

 

In the absence of the chief executive officer and the president, at the chief executive officer’s request or in the event of the chief executive officer’s inability or refusal to act, the vice presidents in order of their rank as fixed by the board of directors or, if not ranked, the vice president designated by the board of directors or the chief executive officer shall perform all duties of the chief executive officer and president, including the duties of the chairman of the board if and as assumed by the chief executive officer unless and until the board elects a chairman of the board, and, when so acting, shall have all the powers of, and be subject to all the restrictions upon, the chief executive officer. The vice presidents shall have such other powers and perform such other duties, not inconsistent with applicable laws, these bylaws, or action of the board of directors, as the board of directors or the chief executive officer may from time to time assign to them. Any vice president may sign, with the secretary or an assistant secretary, or the treasurer or an assistant treasurer, certificates for shares of stock of the corporation the board of directors has authorized for issuance.

 

4.8                            SECRETARY

 

The secretary shall: (a) keep the minutes of the meetings of the stockholders, the board of directors and committees of directors in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these bylaws or as required by law; (c) have charge of the corporate records and of the seal of the corporation; (d) keep a register of the post office address of each stockholder, director and committee member which shall from time to time be furnished to the secretary by such stockholder, director or member; (e) sign with the chairman of the board, the chief executive officer, president or a vice president, certificates for shares of stock of the corporation the board of directors has authorized for issuance; (f) have general charge of the stock transfer books of the corporation; and (g) in general, perform all duties incident to the office of secretary and such other duties as the board of directors, the chairman of the board, chief executive officer or president may from time to time assign to the secretary. The secretary may delegate such details of the performance of duties of the secretary’s office as may be appropriate in the exercise of reasonable care to one or more persons in his or her stead, but shall not thereby be relieved of responsibility for the performance of such duties.

 

4.9                            TREASURER

 

The treasurer shall: (a) be responsible to the board of directors for the receipt, custody and disbursement of all funds and securities of the corporation; (b) receive and give receipts for monies due and payable to the corporation from any source and deposit all such monies in the name of the corporation in such banks, trust companies or other depositories as shall from time to time be selected in accordance with these bylaws; (c) disburse the funds of the corporation as ordered by the board of directors or the chief executive officer or as otherwise required in the conduct of the business of the corporation; (d) render to the chief executive officer or the board of directors, upon request, an account of all his or her transactions as treasurer and on the financial condition of the corporation; and (e) in general, perform all duties incident to the office of treasurer and such other duties as the board of directors, the chairman of the board, or the chief executive officer may from time to time may assign to the treasurer. The treasurer may delegate such details of the performance of duties of such office as may be appropriate in the

 

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exercise of reasonable care to one or more persons in his or her stead, but shall not thereby be relieved of responsibility for the performance of such duties. If required by the board of directors, the treasurer shall give a bond for the faithful discharge of his or her duties in such sum, and with such surety or sureties, as the board of directors shall determine.

 

4.10                    ASSISTANT TREASURERS AND ASSISTANT SECRETARIES

 

The assistant treasurers and assistant secretaries shall perform all functions and duties which the secretary or treasurer, as the case may be, may assign or delegate; but such assignment or delegation shall not relieve the principal officer from the responsibilities and liabilities of his or her office. In addition, an assistant secretary or an assistant treasurer may sign with the chairman of the board, the president, or a vice president, certificates for shares of stock the board of directors has authorized for issuance; and the assistant secretaries and assistant treasurers shall, in general, perform such duties as the secretary or the treasurer, respectively, or the chief executive officer or board of directors may from time to time assign to them. The assistant treasurers shall, if required by the board of directors, give bonds for the faithful discharge of their duties in such sums, and with such surety or sureties, as the board of directors shall determine.

 

4.11                    SALARIES

 

Subject to the provisions of Section 3.8 hereof with respect to executive officers, the salaries of the officers shall be fixed from time to time by the board of directors, by such officer as it shall designate for such purpose or as it shall otherwise direct. No officer shall be prevented from receiving a salary or other compensation by reason of the fact that the officer is also a director of the corporation.

 

 

 

ARTICLE 5

 

DIVISIONS

 

 

 

5.1                            DIVISIONS OF THE CORPORATION

 

The board of directors shall have the power to create and establish such operating divisions of the corporation as it may from time to time deem advisable.

 

5.2                            OFFICIAL POSITIONS WITHIN A DIVISION

 

The chairman of the board or the chief executive officer may appoint individuals to, and may, with or without cause, remove them from, official positions established within a division but not filled by the board of directors. The individuals appointed need not be officers of the corporation. Neither the chairman of the board nor the chief executive officer may remove any individual appointed by the board of directors.

 

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ARTICLE 6

 

CONTRACTS, LOANS, CHECKS AND DEPOSITS

 

 

 

6.1                            CONTRACTS AND OTHER INSTRUMENTS

 

The board of directors may authorize any officer(s), agent(s) or employee(s) to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, or of any division thereof, subject to applicable law. Such authority may be general or confined to specific instances.

 

6.2                            LOANS

 

No loans shall be contracted on behalf of the corporation, or any division thereof, and no evidence of indebtedness, other than in the ordinary course of business, shall be issued in the name of the corporation, or any division thereof, unless authorized by the board of directors. Such authorization may be general or confined to specific instances.

 

6.3                            CHECKS, DRAFTS, ETC.

 

All checks, demands, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the corporation, or any division thereof, outside of the ordinary course of business shall be signed by such officers or agents of the corporation, and in such manner, as the board of directors may from time to time authorize.

 

6.4                            DEPOSITS

 

All funds of the corporation, or any division thereof, not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, trust companies or other depositories as the board of directors may select.

 

 

 

ARTICLE 7

 

CERTIFICATES OF STOCK AND THEIR TRANSFER

 

 

 

7.1                            CERTIFICATES OF STOCK

 

The certificates of stock of the corporation shall be in a form approved by the board of directors, shall be numbered and shall be entered in the books of the corporation as they are issued. They shall exhibit the holder’s name and number of shares and shall be signed by the chairman of the board, chief executive officer, the president or a vice president and by the treasurer or an assistant treasurer or the secretary or an assistant secretary. If any stock certificate is signed (a) by a transfer agent or an assistant transfer agent or (b) by a transfer clerk acting on behalf of the corporation and a registrar, the signature of any officer of the corporation may be facsimile. In case any officer whose facsimile signature has thus been used on any such certificate shall cease to be such officer before the certificate has been issued, the

 

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certificate may nevertheless be issued with the same effect as if he or she were such officer at the date of issue. All certificates properly surrendered to the corporation for transfer shall be cancelled and, except as set forth in Section 7.2 below, no new certificate shall be issued to evidence transferred shares until the former certificate for at least a like number of shares has been surrendered and cancelled and the corporation reimbursed for any applicable taxes on the transfer.

 

7.2                            LOST, STOLEN OR DESTROYED CERTIFICATES

 

The corporation may direct a new certificate or uncertificated shares to be issued in place of any certificate theretofore issued by the corporation alleged to have been lost, stolen or destroyed, and may also require the owner of the lost, stolen or destroyed certificate, or the owner’s legal representative, to give the corporation a bond sufficient to indemnify it against any claim that may be made against the corporation on account of the alleged loss, theft or destruction of such certificate or the issuance of a new certificate or uncertificated shares.

 

7.3                            TRANSFERS OF STOCK

 

Transfers of shares of stock shall be made only on the books of the corporation by the registered holder thereof or by its attorney or successor duly authorized as evidenced by documents filed with the secretary or transfer agent of the corporation. Upon surrender to the corporation or the transfer agent of the corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, and in compliance with any restrictions on transfer of which the corporation has notice applicable to the certificate or shares represented thereby, the corporation shall issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books. The board of directors may adopt such additional rules and regulations as it deems advisable concerning the transfer and registration of certificates of stock of the corporation.

 

7.4                            RESTRICTIONS ON TRANSFER

 

Any stockholder may enter into an agreement with other stockholders or with the corporation providing for any reasonable restriction on the right of such stockholder to transfer shares of stock of the corporation held by such stockholder. If such restriction is set forth conspicuously on the certificates representing the shares or, in the case of uncertificated shares, is contained in a notice sent pursuant to Section 151(f) of the Delaware GCL, the corporation or the transfer agent shall not be required to transfer such shares upon the books of the corporation without receipt of satisfactory evidence of compliance with the terms of such restriction.

 

7.5                            FIXING RECORD DATE

 

(a)       In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the board of directors, and which record date shall not be more than 60 nor less than 10 days before the date of such meeting. If no record date is fixed by the board of directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the board of directors may fix a new record date for the adjourned meeting.

 

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(b)      In order that the corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the board of directors, and which date shall not be more than ten days after the date upon which the resolution fixing the record date is adopted by the board of directors. If no record date has been fixed by the board of directors, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the board of directors is required, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the corporation by delivery to its registered office, its principal place of business, or an officer or agent of the corporation having custody of the book in which proceedings of meetings of stockholders are recorded. If no record date has been fixed by the board of directors and prior action by the board of directors is required by law, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the day the board of directors adopts the resolution taking such prior action.

 

(c)       In order that the corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the board of directors adopts the resolution relating thereto.

 

7.6                            STOCKHOLDERS OF RECORD

 

The corporation shall be entitled to treat the holder of record of any shares of stock as the holder in fact of such shares. Accordingly, the corporation shall not be bound to recognize any equitable or other claim to or interest in such shares on the part of any other person, whether or not it has express or other notice thereof, except as otherwise provided by Delaware law.

 

 

 

ARTICLE 8

 

INDEMNIFICATION

 

 

 

8.1                            IN GENERAL

 

Current and former directors, officers, representatives, and agents of the corporation or of another corporation, partnership, joint venture, trust or other entity or enterprise that are serving or have served at the request or direction of the corporation shall be entitled to indemnification to the extent set forth in the certificate of incorporation of the corporation, as the same may be modified or amended from time to time.

 

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8.2                            INSURANCE

 

The corporation may maintain insurance, at its expense, to protect itself and any director, officer, employee, or agent of the corporation or another corporation, partnership, joint venture, trust, or other enterprise against any such expense, liability, or loss, whether or not the corporation would have the power to indemnify such person against such expense, liability, or loss under the Delaware GCL.

 

 

 

ARTICLE 9

 

NOTICE

 

 

 

9.1                            MANNER OF NOTICE

 

Whenever under law, the certificate of incorporation or these bylaws notice is required to be given to any stockholder, director or member of any committee of the board of directors, it shall not be construed to require personal delivery. Such notice also may be given in writing (a) in the case of domestic notice, by depositing such notice in the United States mail (postage prepaid) or by express overnight courier, (b) in the case of international notice, by international express, or (c) by electronic transmission. For purposes of these bylaws, “electronic transmission” means any form of communication, not directly involving the physical transmission of paper, that creates a record that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form by the recipient through an automated process.

 

9.2                            NOTICE TO STOCKHOLDERS BY ELECTRONIC TRANSMISSION

 

Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the corporation shall be effective if given by a form of electronic transmission consented to by the stockholder to whom notice is given. Any such consent shall be revocable by the stockholder by written notice to the corporation. Any such consent shall be deemed revoked if (a) the corporation is unable to deliver by electronic transmission two consecutive notices given by the corporation in accordance with such consent and (b) such inability becomes known to the secretary or an assistant secretary of the corporation or the transfer agent, or other person responsible for giving of notice; provided, however, the inadvertent failure to treat such inability as a revocation shall not invalidate any meeting or other action.

 

9.3                            EFFECTIVENESS OF NOTICE

 

Notice given by mail shall be deemed to be given at the time it is deposited in the United States mail. Notice given by overnight courier service shall be deemed to be given when delivered to the overnight courier service for delivery. Notice given by overnight international express courier service shall be deemed to be given on the third business day after the date delivered to the international express courier service for delivery. Notice given by electronic transmission shall be deemed given: (a) if by facsimile transmission, when directed to a number at recipient has consented to receive notice; (b) if by electronic mail, when directed to an electronic mail address at which the recipient has consented to receive notice; (c) if by a posting on an electronic network together with separate notice to the recipient of such specific posting, upon the later of (i) such posting and (ii) the giving of such separate notice; and (d) if by any other form of electronic transmission, when directed to the recipient. An affidavit of the

 

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secretary or an assistant secretary or of the transfer agent or other agent of the corporation that the notice has been given by a form of electronic transmission shall, in the absence of fraud, be prima facie evidence of the facts stated therein. The requirement for notice shall be deemed satisfied, except in the case of a stockholder meeting with respect to which written notice is required by law, if actual notice is received orally or in writing by the person entitled thereto as far in advance of the event with respect to which notice is given as the minimum notice period required by law or these bylaws.

 

9.4                            WAIVER OF NOTICE

 

Whenever under law, the certificate of incorporation or these bylaws notice is required to be given, a waiver thereof in writing signed by the person or persons entitled to such notice, or a waiver by electronic transmission by the person entitled to notice, whether before, at or after the time stated therein, shall be deemed equivalent to notice. Attendance by a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders, directors or committee of directors need be specified in any written waiver of notice or any waiver by electronic transmission, unless so required by law, the certificate of incorporation or these bylaws.

 

 

 

ARTICLE 10

 

GENERAL PROVISIONS

 

 

 

10.1                    FISCAL YEAR

 

The fiscal year of the corporation shall be fixed by resolution of the board of directors. In the absence of such a resolution, the fiscal year of the corporation shall be the calendar year.

 

10.2                    CORPORATE SEAL

 

The board of directors may adopt a corporate seal inscribed with the name of the corporation and the words “CORPORATE SEAL” and “DELAWARE” and otherwise in the form approved by the board.

 

10.3                    AMENDMENTS

 

Except as may be restricted by applicable law, these bylaws may be altered, amended or repealed (a) by the affirmative vote of a majority of the stock having voting power present in person or by proxy at any annual meeting of stockholders at which a quorum is present, or at any special meeting of stockholders at which a quorum is present, if notice of the proposed alteration, amendment or repeal is contained in the notice of such special meeting, or (b) subject to the provisions of Section 3.8(b), by the affirmative vote of a majority of the directors then qualified and acting at any regular or special meeting of the board at which a quorum is present; provided that no such alteration, amendment or repeal which reduces the number of number of directors shall, in itself, have the effect of removing any director prior to the expiration of such director’s term of office.

 

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